ICICI Bank Denies Congress's Allegations That Madhabi Puri Buch Received Monetary Benefits As SEBI Chairperson

ICICI Bank has refuted Congress' allegations that Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch received salaries and ESOPs from the bank.

At a press briefing, Congress spokesperson Pawan Khera claimed on Monday (2 September) that Buch received Rs 16.8 crore from ICICI Bank in 2017 and 2024 even as she was a whole-time member of SEBI and then its chairperson.

Responding to this, the bank said, "ICICI Bank or its group companies have not paid any salary or granted any ESOPs to Madhabi Puri Buch after her retirement, other than her retiral benefits."

"It may be noted that she had opted for superannuation with effect from October 31, 2013. During her employment with the ICICI Group, she received compensation in the form of salary, retiral benefits, bonus and ESOPs, in line with applicable policies," it clarified.

The bank further explained that retired employees were allowed to exercise ESOPs anytime up to a period of 10 years and hence, indicated the possibility that the ESOP benefits might have been used by Buch later.

"All the payments made to Buch post her retirement had accrued to her during her employment phase with the ICICI Group. These payments comprise ESOPs and retiral benefits," the bank asserted.

Khera had alleged that several investigations involving ICICI Bank were underway while Buch was receiving income from the group, citing unnamed reports that suggest the SEBI chief may have relaxed norms for the bank.

This allegation of the Congress came days after American short-seller Hindenburg claimed in a post that Buch and her husband had unscrupulous links with the Adani group.

This was followed by an immediate, short denial by Buch and her husband and a detailed rebuttal of SEBI came later. However, Congress MP Rahul Gandhi supported the Hindenburg allegations.